Thursday's Asia ADR Recap: Spreadtrum

Other Indian technology stocks that rose Thursday were Wipro(WIT Quote), which ripped higher by 5.7% to $14.53; Satyam Computer(SAY Quote), which climbed 5.3% to $28.56; and WNS(WNS Quote), which closed up 4.6% to $18.89.

India-based commercial bank ICICI Bank(IBN Quote) said growth in the real estate market has been negatively impacted due to higher interest rates and rising home prices but the sector isn't in a bubble. "Clearly there is a slowdown in the number of deals. Interest rates have gone up from 8% in the past to now 12% and prices too have gone up but an asset bubble is not there," said ICICI Bank Joint Managing Director Chanda Kochhar.

The company also announced its private equity division ICICI Venture Funds Management Company will take a 20% stake in PVR Pictures, a wholly owned subsidiary of India-based film and entertainment company PVR Ltd, for 600 million rupees. Shares of ICICI jumped 5.5% to $36.95.

According to the business-standard.com, fixed-line telecommunications provider Mahanagar Telephone Nigam(MTE Quote) (MTNL) has ended a joint partnership with state-controlled telecom company Bharat Sanchar Nigam (BSNL) for a submarine cable project in Singapore. For reasons undisclosed, BSNL will leave the project and MTNL will finish the project alone. Shares of Mahanagar added 5.9% to $4.81.

Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.

China Recap

Shares in mainland China dropped Thursday on speculation the government will initiate price controls on coal, oil and steel to combat rising inflation. Shares in the Far East also came under selling pressure after regulators announced they will review a plan by China State Construction Engineering for a multibillion-dollar IPO. Analysts are predicting the company will attempt to raise $5.8 billion.